Are certified pre-owned cars worth the extra money? |
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4. Research prices and dealers. An important step in buying any used car is consulting Kelley Blue Book or NADA for used-car values. Certified pre-owned cars will generally be priced higher than the used-car values in these books, but knowing the basic used value will fill consumers in on how much they're paying for certification and give them a ballpark value to work with.
Also, before you head to the dealer, don't forget to search the listings of certified pre-owned autos that many manufacturers include on their Web sites, and compare how dealers price them. That way, you'll know which dealers have the inventory and prices you're looking for before you leave the house.
5. Negotiate.
Just because a car is certified doesn't mean you should pay whatever
a dealer asks. Getting the best price on a used car has always involved
some sort of deal-making, and certified pre-owned cars are no exception. Go into
the dealer with a good idea of what you want to pay and don't be
afraid to ask for a lower price or a better interest rate if you're
financing. Many manufacturers offer discounted financing for certified pre-owned
autos as well as other enticements such as trip-interruption services
or free oil changes. If one dealer won't give you the deal you're
looking for, don't hesitate to go elsewhere.
6. Check the car inside and out. While one of the perks of buying a certified pre-owned car is that it will generally be in better shape than its non-CPO neighbor, the fact remains that it is a used car and buyers should look the car over thoroughly -- and drive it -- before laying down their hard-earned cash.
"Customers shouldn't drop their guard completely just because it's a CPO car," Reed says.
Look for rust spots, unmatched paint or dents on the body and for stains, loose wires or broken gauges inside. On the test drive, listen for squealing or grinding sounds, try the car's acceleration and braking, and make sure the steering wheel doesn't shake at speed.
And don't stop examining the car once you get it home. Many certified pre-owned cars come with a money-back guarantee if brought back within a certain period of time. If anything turns up, don't hesitate to bring it back and demand a refund.
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